Ethereum 2.0 precursor: Beacon chain to sunset in June 2024

The closure of Beacon Chain is expected to lead to a boom for Binance Coin, and delegating Binance Coin through a manual migration process is possible even now. Token delegation for Binance Coin will occur after the migration via Binance Smart Chain, the sole network upholding the BEP20 standard. The Beacon Chain will reshuffle a few tokens on the Binance platform, and this recent development will increase investor attention to the Binance coin.

The Beacon Chain was a temporary alternative for orchestrating consensus, and Binance controlled its decentralized networks through the Binance Chain. According to industry reports, the closure of Beacon Chain won’t have a big impact on Binance Smart Chain. It is exciting to know that BNB token holders will get passive income even after redelegating their holdings. Binance Chain Wallet and Trust Wallet are the best recommended options for redelegating Binance coins. It has been learned that the Beacon Chain will halt all operations and archive its data by the end of May 2024.

The ultimate objective of the Beacon Chain is to transfer all Beacon Chain functionalities to the Binance Smart Chain. Since the Binance Smart Chain can support intricate and high-caliber DEX trading, the Beacon Chain will discontinue the DEX module. The issuing of brand new tokens was stopped by Beacon Chain in April 2024, and the options to transfer tokens from Beacon Chain and Binance Smart Chain will no longer be available. The Beacon Chain still permits transfers out of its networks since users move BNB coins and other tokens. They informed all previous users with Beacon Chain addresses that they could access a migration tool to swap the remaining assets.

The BNB Beacon Chain is home to several precious tokens, including wrapped versions of Bitcoin. Almost all tokens on the BNB Chain and the BNB Smart Chain can be linked automatically now. The tokens on the Binance Chain and BNB Smart Chain can be transferred between chains. It is possible that Binance Smart Chain versions of assets created during the Beacon Chain stage are unrelated to them. The issuer’s capacity to move specialty tokens determines the specific migration procedures that must be followed by each project.

Migration mostly affects delegated BNB tokens, which will eventually enter the new blockchain network. Some delegators will redeem their funds by introducing new tokens to the thriving market. The migration began on May 15, 2024, coinciding with the Binance Coin’s perceived potential for a rally. 

Binance customers will have enough time to transfer tokens, and two Sunset forks will be available in June 2024. By June 2024, the previous Binance chain tokens and BSC assets will fuse following the introduction of two Sunset forks. An efficient tool will be available for the transfer of remaining tokens in the post-fusion phase.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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